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What was the prior day's trading like, and the overnight session?
🔴 June 1, 9:10am ET
After a weekend of chopping in a narrow range with 73,000 holding as support, the level broke down during the London session today.
Session Summary
BTC broke down through 73,000 during the London session this morning after spending the weekend chopping in a narrow range, with the 71,700 anchored VWAP confluent with April's value area low at 71,500 as the next reference. This week's job openings, non-farm payrolls, and unemployment prints will gauge the labor market following the soft Q1 GDP revision.
🔴 June 1, 9:10am ET
After a weekend of chopping in a narrow range with 73,000 holding as support, the level broke down during the London session today.
After losing 76,000 early last week, price spent most of the time since ranging between 73,000 and 74,000.
Today will show whether this breakdown attempt is a deviation or the next leg lower.
The yearly VWAP at 74,800 continues to act as overhead resistance.
The anchored VWAP from the 60,000 local bottom sits at 71,700 and has held so far, a key level confluent with April's value area low at 71,500.
We opened June below May's value area. May is the first month since February's low when the point of control closed below the prior month's.
We're now watching for April's value area low to provide support.
Sellers are in control after liquidating longs with stops at 72,000. Open interest is climbing as spot and perp CVD fall, suggesting shorts are opening.
The next long liquidation target is 71,000, while shorts are vulnerable overhead at 74,500.
Bitcoin dominance is falling as alts catch a bid. VVV, HYPE, ZEC, NEAR, and JITO have outperformed Bitcoin during this rally that started in early April.
Bitcoin weakness is not ideal for sustained risk-on flows to alts.
This week brings job openings, non-farm payrolls, and unemployment. Key prints to gauge the health of the labor market.
Follow @ShikumiDaily for more session commentary and analysis.
The defining question for the New York session is whether the London-session break of 73,000 resolves as a deviation that gets bought back into the 73,800-74,800 resistance zone, or whether the 71,700 anchored VWAP and April's value area low at 71,500 give way to confirm the next leg lower toward 66,000.
Sellers took control after liquidating longs with stops at 72,000. Open interest is climbing as spot and perp CVD fall, suggesting shorts are opening. June opened below May's value area, the first month-over-month lower point of control since February's low. Bitcoin dominance is falling while VVV, HYPE, ZEC, NEAR, and JITO have outperformed since the April low.
The cleanest tactical read: a reclaim of 73,000 with rejection at the 74,800 yearly VWAP keeps the deviation thesis intact; a break and hold below 71,500 confirms the next leg lower with 66,000 as the major support that must hold before the deeper breakdown scenario activates, all into a week of job openings, non-farm payrolls, and unemployment prints...